Category: IRS

The Bipartisan Budget Act of 2015 (“Act”) made significant changes to the Internal Revenue Service’s (“IRS”) partnership audit rules effective for partnership tax years beginning in 2018. How the new audit rules will affect a partnership and its partners will depend, in large part, on choices the partnership, the partnership representative, and/or the partners make or fail to make.

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1)Your year-end tax planning doesn’t have to be hard. I have outlined below five strategies that will increase your tax deductions or reduce your taxable income so that Uncle Sam gets less of your 2018 cash. Prepaying your 2019 expenses …

Five Last Minute Tax Reduction Strategies Read More »

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Here are five year-end tax-deduction strategies that apply if you are getting married or divorced, have children who did or could work in your business, and/or have situations where you give money to relatives and friends. Put Your Children on …

2018 Last Minute Year-End Tax Strategies for Marriage, Kids & Family Read More »

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There is still time to reduce the amount of taxes you pay, but you have to take the time to plan.  We have FREE resources to help you along the way. The “New” Tax Code: 9 Simple, easily overlooked tax …

A failure to plan is a plan for failure! Read More »

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Drive Time Increases Odds of Deducting Rental Property Losses Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And …

Tax Saving Tips Vol 201810 Read More »

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Each year the IRS generally determines certain areas or segments their research shows is not being complied with like they would like.  They then focus on that area to increase taxpayer education as well as generally more audits to increase …

S Corporations Make IRS Increased Compliance Campaign Read More »

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Business Owners: How to Legally Reduce the Amount You Pay in Taxes using the New Tax Law that went into effect 1/1/2018.  Learn legal, court approved methods and strategies to reduce the amount you send Uncle Sam!  Wouldn’t you rather …

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You hate IRS penalties, right? Everyone does! There are a lot of strategies we can use on your behalf to potentially defeat an IRS penalty. Thanks to the courts, though, we now have a brand-new way to beat an IRS …

New Court Approved Way to Fight IRS Penalties! Read More »

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Home Equity Interest May Not Be Deductible Many homeowners have taken out a home equity line note and in the past have been able to deduct the interest from the note (upto $100,000) regardless of what the money was spent …

Home Equity Line Interest Not Deductible Anymore! Read More »

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Ted Smith’s “Real World” Personal Strategy Note Ted Smith’s 2017 Tax Year Filing List “In every single thing you do, you are choosing a direction. Your life is a product of choices.” – Dr. Kathleen Hall With all of the …

2017 Tax Year Filing List – What to you need to bring! Read More »

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